February tax revenues of $810 million were $107.4 million more than expected and the 24th time in a row that Oklahoma revenues have been on the increase, Treasurer Ken Miller said last week.
“In the past two years, monthly receipts have been up over the prior year,” he said at a news conference in Oklahoma City.
“In each of the past 12 months, collections are up by more than 10% six times and more than 15% three times, including in February,” Miller said.
Revenues began showing the affect of the nationwide recession in late 2008, he said, but collections began to bounce back in February 2010.
“Barring any unforeseen occurrences, Oklahoma is on track to recover revenues lost during the recession before the end of the year,” Miller said.
Revenues from the income tax are leading the way.
The income tax is up by 14% while most other sectors have increased by less than 10%.
Sales tax collections, including the portion that will be distributed to local governments, totaled $320.6 million in February.
The corporate and personal income taxes generated $231.8 million.
Energy severance taxes fell due to lower prices for natural gas. Collections totaled $69.2 million, down $4.5 million from February 2011 but almost $400,000 higher than in January.
Total collections since February 2011 of $10.87 billion are $1 billion more than the previous 12 months.
The 12-month total includes $3.9 billion of sales tax revenue and $3.24 billion from the income tax.
Oil and gas severance taxes contributed $1.03 billion.